Freight Factoring: Frequently Asked Questions (FAQs)
Get answers to all freight factoring-related questions you may have in mind regarding MHC Financial Services' Factoring division and its offerings. Below is a comprehensive list of frequently asked questions to give you the answers you need:
- What is factoring?
- Why should I factor with MHC?
- Does my credit score affect my approval to factor with MHC?
- What do I need to do for loads that I want to factor?
- How long does it take to get paid?
- How do I get paid?
- Does MHC work with small businesses?
- How do I send invoices to MHC?
- Who handles billing and collections?
- Do I have to factor all of my invoices?
- Do you offer a fuel card program?
What is factoring?
Factoring is when a company pays you for your invoices that are outstanding for a small fee, and gives you the cash for work you’ve done the same day you complete it. Factoring allows you to stay on top of recurring expenses while staying focused on growing your business. MHC Financial Services is helping truck owners and operators maintain a steady cash flow through freight bill factoring so they can continue to pay drivers and meet billing deadlines, all while being able to fuel their trucks.
Why should I factor with MHC?
MHC Financial Services is the only company in the industry backed by a nationwide truck dealership network. We offer a national discount program on parts and service at all MHC locations as well as an exclusive fuel card program, saving you money at the pump. Additionally, we provide access to in-house financing on truck purchases and a convenient roadside assistance program. Our customers gain free credit checks on all brokers and shippers. We require no minimum on the amount of invoices to factor, giving you the freedom to factor on your terms.
Does my credit score affect my approval to factor with MHC?
The only credit scoring that matters during MHC’s approval process is for the debtors/customers that you haul for.
What do I need to do for loads that I want to factor?
Simply send MHC an e-mail with the signed bill of landing (BOL), rate confirmation and invoice for each completed haul. We don’t require you to send original invoices.
How long does it take to get paid?
Payments go out same day that MHC receives the paperwork.
How do I get paid?
MHC offers payment options through ACH direct deposit, bank wire and an exclusive EFS fuel card.
Does MHC work with small businesses?
Yes! We work with a variety of transportation and trucking businesses of all shapes and sizes.
How do I send invoices to MHC?
We have an online portal available to customers that provides an easy uploading system. Our customer portal is available through computer desktop or mobile device to add to your convenience.
Who handles billing and collections?
MHC Factoring will handle administrative duties such as processing paperwork, billing and collections, so you can stay focused on growing your business.
Do I have to factor all of my invoices?
You can choose which companies you want to factor invoices for.
Do you offer a fuel card program?
We offer fuel discounts through Electric Funds Source (EFS).
Have More Questions?
Give us a call at (844) 891-3510 or click the 'Contact Us' button to get in touch. We're available Monday-Friday from 8 a.m. - 5 p.m., CST.